Debt RR
AUGUST 3, 2020
This unpaid debt can lead to a serious problem for businesses: garnishment. Bank account garnishment can create serious cash flow blocks for companies of all sizes, and those cash flow problems can compound into other issues, like payroll concerns and late payments on other accounts. Can Debt Collectors Garnish Bank Accounts in Texas?
Troutman Sanders
MARCH 22, 2021
On March 17, the Consumer Financial Protection Bureau (CFPB) issued a consumer advisory to encourage consumers to take action to protect economic impact payments under the American Rescue Plan. On March 17, Virginia Attorney General Mark Herring announced a new law preventing garnishment or seizure of economic support payments.
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Troutman Sanders
NOVEMBER 2, 2020
The legislation would benefit banks and credit unions with assets under $15 billion. It requires federal regulators to exclude PPP loans from asset-size calculations for the purpose of determining capital ratios, deposit insurance premiums, and other asset thresholds at those financial institutions.
Troutman Sanders
OCTOBER 26, 2020
On October 23, the Federal Reserve and Financial Crimes Enforcement Network (FinCEN) invited comment on a proposed rule change, requiring financial institutions to keep more records on hand related to smaller-value international fund transfers. For more information, click here.
Troutman Sanders
JUNE 22, 2021
On June 17, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions reported under the Home Mortgage Disclosure Act (HMDA). For more information, click here. For more information, click here.
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